Gandalf: I don’t want to draw any overly strong parallels here, but there are certain aspects to this crisis that remind me of the 1930s and more from a political standpoint than an economic one.
I fear a return/retreat to the sort of strident nationalism that became so pervasive during the Great Depression and led us ultimately into WWII.
Putin is already ahead of the curve in his exhortations to the Russians to remember their grand history and his willingness to use military force to make a point is worrisome.
Even more worrisome would be how far the US would go to retain our primacy in the world. We have the world’s most powerful military and have enjoyed our own version of “Splendid Isolation” for decades. We have plentiful natural resources, including energy and are sitting on the biggest pile of gold bullion on the planet.
Do we exercise good judgment, fiscal prudence and restraint or do we go all NASCAR on everybody? I hope for the former and fear the latter.
